FG Merger in an 8-K said its shareholders voted in favor of combining with iCoreConnect, a healthcare-focused SaaS company with an enterprise and healthcare workflow platform
The SPAC said 6,292,008 shares were redeemed (about 73% of the trust).
There is no minimum cash condition to close the deal. However, if the closing cash is less than $20 million then the sponsor has agreed to forfeit any and all dividends accrued on shares of preferred stock owned by the sponsor.
FG Merger also has a prepaid forward purchase agreement with RiverNorth SPAC Arbitrage Fund, which agreed to purchase 1.5 million shares of the SPAC’s stock. Read more.
